The Central Bank of Myanmar (CBM) expects all banks to develop effective frameworks and practices to manage their money laundering/terrorist financing risks (ML/TF). The effective management of risks is a requirement of the Basel Core Principles (BCP) for Effective Banking Supervision and the Financial Action Task Force (FATF) 40 Recommendations.

Regulatory and Supervisory Framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

The Central Bank of Myanmar plays an active role in implementing Myanmar’s national Anti-money laundering program to ensure that the financial system is not in any way compromised by criminal activities associated with money laundering. Therefore, the Central Bank of Myanmar has issued regulatory guidelines and instructions to enforce the Control of Money Laundering Law (CMLL), enacted in 2002. These AML/CFT regulations cover the compliance of CDD, record keeping and STR and CTR reporting requirement.